Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities code 9788
Date of issuance: June 7, 2024
Start date of measures for electronic provision: June 5, 2024
To All Shareholders:
Kan Yoshimura, President
NAC CO., LTD.
1-25-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo

Notice of Convocation of the 53rd Annual General Meeting of Shareholders
We are pleased to inform you that the 53rd Annual General Meeting of Shareholders of the NAC CO., LTD. will beheld as follows:
When convening this general meeting of shareholders, the Company takes measures for providing
information that constitutes the content of reference documents for the general meeting of shareholders, etc.
(items subject to measures for electronic provision) in electronic format, and posts this information on eitherof the following websites below.
Company website
https://www.nacoo.com/ (in Japanese)(Please access the above website and select “Investor Relations,” “Stock Information,” and “Annual General
Meeting of Shareholders” from the menu.)
Shareholders’ General Meeting materials website
https://d.sokai.jp/9788/teiji/ (in Japanese)
TSE website (Listed Company Search)https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show (in Japanese)(Access the TSE website by using the Internet address shown above, enter “NAC CO., LTD.” in “Issue name(company name)” or the Company’s securities code “9788” in “Code,” and click “Search.” Then, click “Basicinformation” and select “Documents for public inspection/PR information.” Under “Filed information available forpublic inspection,” click “Click here for access” under “[Notice of General Shareholders Meeting /InformationalMaterials for a General Shareholders Meeting].”)If you cannot attend the meeting, your voting rights can be exercised in writing or via the Internet. Please
review the reference documents for the General Meeting of Shareholders below and exercise your voting
rights by no later than 5:30 p.m. on Wednesday, June 26, 2024.
1. Date and time:
2. Venue:

10:00 a.m., Thursday, June 27, 2024 (Reception starts at 9:00 a.m.)Eminence Hall, 5th floor, South Tower, Keio Plaza Hotel Tokyo
2-2-1 Nishi-Shinjuku, Shinjuku-Ku, Tokyo

3. Agenda:
Reports:
1. Business Report, Consolidated Financial Statements, and reports by the Financial Auditor and the Audit &Supervisory Board on the audit results of Consolidated Financial Statements for the 53rd fiscal year (fromApril 1, 2023 to March 31, 2024).
2. Non-consolidated Financial Statements for the 53rd fiscal year (from April 1, 2023 to March 31, 2024).
Resolutions:
Proposal No. 1
Appropriation of Surplus
Proposal No. 2
Election of Four Directors-1-[Notes regarding the convocation]- If you exercise your voting rights in writing (by mail) and do not indicate your approval or disapproval of the proposals on thevoting form, we will treat it as if you had indicated your approval.
- The exercising of voting rights by proxy is permitted only when another shareholder who has voting rights is delegated as proxy.
In this case, it is necessary to submit written proof of their right of proxy.
- If you exercise your voting rights both via the Internet and in writing (by mail), the vote exercised via the Internet will be treatedas valid.
- If you exercise your voting rights more than once via the Internet, the last exercise shall be deemed to be valid.

- If attending the meeting in person, please complete and submit the voting form sent with this notice at the reception desk of thevenue.
- In the event of any modification to the items subject to measures for electronic provision, a notice will be posted on each website
where the information is posted, both before and after the modification.
- For this general meeting of shareholders, we have delivered paper-based documents stating the items subject to measures forelectronic provision to all shareholders, regardless of whether or not they have requested them. Among the items subject tomeasures for electronic provision, in accordance with the provisions of laws and regulations and Article 15 of the Company’sArticles of Incorporation, the following items are not provided in the documents delivered to shareholders.
• “Systems to Ensure the Appropriateness of Business Operations” and “Basic Policy Concerning Control of the Company” inthe Business Report• “Consolidated Statements of Changes in Shareholders’ Equity” and “Notes to Consolidated Financial Statements” in theConsolidated Financial Statements• “Non-consolidated Statements of Changes in Shareholders’ Equity” and “Notes to Non-consolidated Financial Statements” in
the Non-consolidated Financial Statements
Therefore, the Business Report, the Consolidated Financial Statements and the Non-consolidated Financial Statements includedin the paper-based documents are a part of the Business Report, the Consolidated Financial Statements and the Non-consolidated
Financial Statements audited by the Financial Auditor in preparing the Accounting Audit Report, and a part of the Consolidated
Financial Statements and the Non-consolidated Financial Statements audited by the Audit & Supervisory Board Members inpreparing the Auditor’s Report.

-2-Reference Documents for the General Meeting of Shareholders
Proposal No. 1

Appropriation of Surplus

The Company proposes the appropriation of surplus as follows:
Year-end dividends
The year-end dividend for the 53rd fiscal year is based on a consolidated dividend to net assets ratio within 4%(annually) and a dividend payout ratio within 100%.
(1)Type of dividend property
Cash

(2)

Allotment of dividend property and their aggregate amount¥16 per common share of the Company
Total dividends: ¥692,824,640(3)Effective date of dividends of surplus
June 28, 2024-3-

Proposal No. 2Election of Four Directors

The term of office of three Directors including Hironari Kawakami, Yuichiro Koiso, and Kazuyoshi Wakimoto, will
expire at the conclusion of this General Meeting of Shareholders. In addition, the term of office of Director Hiroaki
Kumamoto will resign at the conclusion of this General Meeting of Shareholders. In that regard, the Company
proposes the election of two Directors to be reappointed, and two Directors to be newly elected to further enhance
the management system of the Company. Moreover, this proposal was considered by the Nomination andRemuneration Advisory Committee, which reported that there were no particular matters that needed to be raised.
The candidates for Director are as follows:
Number of theCareer summary, and position and responsibility
Company’s sharesin the Companyowned(Significant concurrent positions outside the Company)
Jun. 2012
Joined the CompanyApr. 2013
Senior Executive Officer, General Manager of
Administrative Division of Business Support
CompanyApr. 2014
Managing Executive Officer
Jun. 2014
Director (current position)
Hironari KawakamiApr. 2016
General Manager of Business Support Division(October 28, 1965)
Feb. 2021
Representative of Beauty and Health BusinessCompanyReelection
Jun. 2021
Representative of Housing Sales Business
83,346Company
Tenure as Director
Jul. 2021
Senior Managing Executive Officer (current10 yearsposition)
Attendance at Board ofApr. 2024
Representative of CreCla Business Company
Directors meetings(currentposition)
16/16[Significant concurrent positions outside the Company]
Director of J-wood Co., Ltd.
Director of KDI CORPORATION
Director of BELAIR Co., Ltd.
Director of TOREMY Co., Ltd.
Director of Good Life Business Support Inc.
Reasons for nomination as candidate for Director
Hironari Kawakami has fulfilled his duties in supervising management as the person responsible for the Corporate
Division, and has strived to strengthen the management structure of the Group as a whole, as well as promoting
financial and other strategies. Based on his abundant experience and track record, he can make appropriate decisions
and execute duties on important matters in overall management as a Director, and he can be expected to contribute to
the growth and value enhancement of the Group. Therefore, the Company requests that he be elected as a Director.
1. There is no special interest between the candidate for Director and the Company.
2. The number of shares owned is as of March 31, 2024. In addition, the number of shares owned includes the portion heowns in the NAC Officer Stock Ownership Plan.

CandidateNo.

1

Notes:

Name(Date of birth)-4-

Number of theCareer summary, and position and responsibility
Company’s sharesin the Companyowned(Significant concurrent positions outside the Company)
Apr. 1984
Joined the Company
Apr. 2010
Executive Officer, Head of the Operations
Office, Operations Department, CreClaBusiness Division
Kazuyoshi WakimotoJan. 2011
Deputy General Manager, Rental Business(July 12, 1961)
Division
Apr. 2012
General Manager of With Business
Reelection
Apr. 2016
Senior Executive Officer, Representative of43,926
Tenure as Director
Rental Business Company (current position)
8 years
Jun. 2016
Director (current position)
Attendance at Board ofJul. 2019
Managing Executive Officer (current position)
Directors meetings[Significant concurrent positions outside the Company]
16/16
President and Representative Director of Good Life BusinessSupport Inc.
Director of Earnest Co., Ltd.
Director of CAN’S Co., Ltd.
Reasons for nomination as candidate for Director
Since joining the Company in April 1984, Kazuyoshi Wakimoto has contributed to its expansion through the Rental
Business and the CreCla Business, and as its Representative he has led the core business of Rental Business Company
since April 2016, and helped enhance corporate value. The Company judges that he is an appropriate person to drive thefurther growth and development of the Company, and therefore requests that he be elected as a Director.
1. There is no special interest between the candidate for Director and the Company.
2. The number of shares owned is as of March 31, 2024. In addition, the number of shares owned includes the portion heowns in the NAC Officer Stock Ownership Plan.

CandidateNo.

2Notes:Name(Date of birth)-5-Number of theCareer summary, and position and responsibility
Company’s sharesin the Companyowned(Significant concurrent positions outside the Company)
Oct. 1983
Joined the Company
Mar. 2009
General Manager of the First Branch, Duskin
Business Division
Jul. 2011
Administrative Manager of Duskin BusinessDivision
Apr. 2013
Head of Business Management Office, Duskin
Business Division
Mar. 2014
Deputy General Manager of Duskin Business
Jo ShimauchiDivision(December 31, 1963)
22,574
Jul. 2014
General Manager of Duskin Business DivisionNew election
Apr. 2015
Executive Officer, Duskin Business Division,Rental Business Company
Apr. 2021
Senior Executive Officer, Duskin Business
Division, Rental Business Company (currentposition)[Significant concurrent positions outside the Company]
Director of JIMOS Co., Ltd.
Director of TOMOE Wines & Spirits Co., Ltd.
Reasons for nomination as candidate for Director
Jo Shimauchi has led sales management in the Duskin Business since joining the Company in October 1983, and has
made a number of important contributions to strengthening the business foundation, including contributing to theimprovement of business performance. Based on his abundant experience and track record, he can make appropriate
decisions and supervise the execution of duties on important matters in overall management as a Director, and he isconsidered to be an appropriate person for the further growth and development of the Company. Therefore, theCompany requests that he be elected as a Director.
1. There is no special interest between the candidate for Director and the Company.
2. The number of shares owned is as of March 31, 2024. In addition, the number of shares owned includes the portion heowns in the NAC Employee Stock Ownership Plan.

Candidate
No.

3Notes:Name(Date of birth)-6-Number of theCareer summary, and position and responsibility
Company’s sharesin the Companyowned(Significant concurrent positions outside the Company)
Apr. 2001
Joined NEC Corporation
Aug. 2006
Joined JPMorgan Securities Japan Co., Ltd
Nov. 2007
Joined The Risk Data Bank of Japan, Limited.
Dec. 2013
President and Representative Director ofMami Yamashita
Kokoruku, Inc. (current position)(May 23, 1978)
Jun. 2018
Outside Director of Honda Tsushin Kogyo Co.,
New electionLtd.
OutsideMay 2022
Outside Director of AEON Fantasy Co., Ltd.
Independent(current position)[Significant concurrent positions outside the Company]
President and Representative Director of Kokoruku, Inc.
Outside Director of AEON Fantasy Co., Ltd.
Reasons for nomination as candidate for outside Director and overview of expected roles
Ms. Mami Yamashita has abundant experience and broad knowledge as an outside Director in addition to her
experience in corporate management. The Company requests the election of Ms. Yamashita as an outside Director
because she is well versed in the promotion of women’s participation and advancement, and it judged that her external
perspectives based on her high level of expertise and abundant experience will benefit efforts to enhance the Company’smanagement structure and to secure the diversity of the Board of Directors with regard to the social issues the Companyis addressing.
1. There is no special interest between the candidate for Director and the Company.
2. Mami Yamashita is a candidate for outside Director.
3. If the election of Mami Yamashita is approved, the Company intends to conclude an agreement with Ms. Yamashita
limiting liability for damages under Article 423, Paragraph 1 of the Companies Act in accordance with Article 427,
Paragraph 1 of the Companies Act. The maximum amount of liability pursuant to said agreement shall be the amountstipulated by law.
4. The Company has notified the Tokyo Stock Exchange that it intends to designate Mami Yamashita as an independent
officer because she meets the requirements of independent officer as stipulated by the Exchange.

Candidate
No.

4Notes:Name(Date of birth)-7-